July 4th, 2014 (InsideCostaRica.com) Costa Rica’s Legislative Assembly has approved on second reading a nearly $1 billion USD geothermal energy project in Guanacaste. Lawmakers unanimously approved the project three days ago on its first reading before being sent to the Constitutional Court (Sala IV) for review.

Yesterday’s decision will provide the Costa Rican Electricity Institute (ICE) with access to nearly $1 billion in loans and funding for the project.

The $958 million USD project will be financed with a loan of $540 million from the Japanese International Cooperation Agency, along with a loan of $70 million from the European Investment Bank, according to reports. The Costa Rican Electricity Institute (ICE) will fund the remainder of the project, reports indicate.

The project consists of three geothermal generation stations: Pailas II, Borinquen I, and Borinquen II. The installations will be located between Bagaces and Cañas, near the Rincon de la Vieja volcano in Guanacaste.

Supporters of the project say the development will bring much-needed jobs to the province and further its development, along with lowering electricity prices over time.